Ethereum Technical Analysis: ETH/USD bears continue to penetrate vital demand zone, buyers may have to give way

• Ethereum trading marginally in negative territory, but price behavior remains worrying.  
• ETH/USD bears are testing key near-term demand zone, tracking from $130-125 range.
• A bearish pennant formation can also be eyed, with current consolidation movement.  

ETH/USD 4-hour chart  

Spot rate:                  132.13    

Relative change:       -0.10%

High:                          145.31

Low:                           124.63

Trend:                          Bearish

Support 1:                   130-125.00, demand zone.

Support  2:                   119.26, daily pivot point support.

Support  3:                   107.80,  daily pivot point support.

Resistance  1:              138.05, upper descending trend line.

Resistance  2:              147.19, daily pivot point resistance.

Resistance  3:              163.65,  daily pivot point resistance.